Here at Post Office we understand that buying to let can be both a potential investment for the future and a source of income for the present. Therefore, whether you are looking to purchase your first Buy to Let property, add another one to your portfolio or remortgage an existing Buy to Let property why not see how the Post Office can help you.
Post Office® Mortgages are provided by Bank of Ireland UK.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Why Buy to Let?
When Buying to Let you need to have clear goals about what you want to achieve from your investment: is it additional income or a nest egg?
People Buy to Let for various reasons such as having a monthly income, growing their capital or as their pension plan.
Once you have established your goals, finding the right mortgage, the right property and the right tenant could see you cover your property’s mortgage payments and enjoy a regular income whilst potentially seeing your capital grow.
Buy to Let tips
- Select the right location and the right property: choose a location and property that will appeal to your target tenant - students, family, professionals. Research the market using local estate agents, websites and newspapers.
- Letting Agent or Self Management: decide whether you want to manage the property yourself or have a letting agent manage it for you. If you manage the property yourself you will need to find the tenants, draw up a legally binding contract and take care of any repairs or requests from the tenant. A letting agent will do all this on your behalf for a fee normally between 10 – 15% of the monthly rent.
- Manage your finances: any income you make from a Buy to Let property becomes taxable income and needs to be declared. It may be useful to obtain professional advice to help you with your tax returns.